A junior ISA could turn your child’s pocket money into thousands of pounds

Persuading your child to put their pocket money in a junior ISA might be difficult, but the pennies could quickly grow into pounds – and teach them a valuable lesson about money

Girl puts pocket money into a purse
(Image credit: JGI/Jamie Grill via Getty Images)

Children today receive £4.43 a week in pocket money on average. That’s enough to buy around five Mars bars from Sainsbury’s – one for each weekday – or a small packet of pens from WH Smith. But how much further could it go in a junior ISA?

Our ISA guide explains the basics of what an individual savings account is, plus how junior ISAs work for children. But how effective is a junior ISA as a savings and investment vehicle, and is it worth the battle of persuading your child to curb their spending habit?

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Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.